Pan-African cross-border payments provider MFS Africa has acquired Beyonic, a digital payments management provider for SMEs, fintechs, and social impact entities across Africa.
Beyonic is focused on domestic payments and collections combined with secure front-end business functionality.
Its platform is a simple, sector-agnostic, two-way payments management toolbox that offers enterprises access to 26 mobile money networks and over 20 banks in nine countries through a single sign-on.
The transaction is expected to enable the African micro, small, and medium enterprises to manage digital transactions with individuals and businesses across the world.
The deal provides both MFS Africa and Beyonic customers with enhanced access and functionality
According to the World Bank, SMEs contribute up to 40% of national income (GDP) in emerging economies. However, emerging markets has various growth constraints, including domestic, continental, and international scalability of operations.
The new product offerings enabled by the current transaction is expected to resolve few of these issues by allowing organisations transfer funds securely and transparently across regions.
Through the transaction, the customers of both organisations are expected to receive enhanced access and functionality starting from the second half of 2020.
The transaction is subject to regulatory approval by the Fair Competition Commission in Tanzania.
MFS Africa is a large-scale digital payments hub in Africa that connects more than 200 million mobile wallets on the continent through one API.
MFS Africa founder and CEO Dare Okoudjou said: “Africa has a strong base of connected young entrepreneurs and businesspeople bringing fresh ideas to the table, in order to create prosperity for themselves and for their communities on the continent. With the MFS Africa Hub, we have been creating new digital pathways between mobile money users in Africa and the global economy.
“With the acquisition of Beyonic, we can now put this digital payment network at the service of those entrepreneurs whether they are SMEs, fintechs, or social impact organisations. By combining MFS Africa’s and Beyonic’s assets and capabilities, we can unleash the wealth of opportunity that business within Africa and with Africa presents to the wider world.”
